All Forum Posts by: Jason Hamilton

Lauren,

I would say it is all about buying right for what you want out of it. We have a place in Boone and in Sunset beach. I have been looking at buying another in Sunset beach, but prices are outrageous because the houses do rent well. Cover all your expenses and have for personal use is achievable in both the places I mentioned. Cash flow really well may be tougher with how prices are in the areas I have been looking (Atlantic Beach all the way to Sunset Beach). I believe you should be able to purchase as a second home with 10% down if you plan to use it for personal use as well, but do not quote me on that. That is more of a long term play, let the loan get paid down by the rentals and moderate appreciation. Enjoy it for years and eventually pull the equity out and buy more! 

Daniel,

Greenville is a great place to invest. We have 8 duplexes, 3 single family homes, and a condo there. I used to coach at ECU and mentored quite a few of student athletes who had interest in real estate investing. Feel free to connect if you want any insight there. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $165,000
Cash invested: $10,000

Purchased as a 3/1.5 and turned in to a 3/2

What made you interested in investing in this type of deal?

Owned the property behind it and was able to buy off market

How did you find this deal and how did you negotiate it?

Owner called me, knowing I was an investor

How did you finance this deal?

Traditional

How did you add value to the deal?

Added second bathroom

What was the outcome?

Rents at $1575

Our real estate investment has grown much quicker than we anticipated and we are looking to grow bigger now. We went from 1 property to 13 in about just over 13 months, all during a pandemic. Our goal was 6 doors in 2021 and we reached that by March, making us even hungrier to grow more. We have a condo, single family homes, and a few duplexes. With our market being so competitive we want to look at bigger multi family properties or a portfolio purchase rather than have to buy one property at a time here in a smaller market. We have purchased very smart and in a very hot market so we have close to $700k in equity on our current properties. I am open to any areas with a property that make sense (profitable, can find management, etc.) and want to be somewhere between $1 million to $2.25 million. Looking for connections,  suggestions, advice as we start this search. Thanks all!

Investment Info:

Condo buy & hold investment.

Purchase price: $80,000
Cash invested: $20,000

This one was fun. Hoarder house that needed all new flooring, new paint, new vanities, new kitchen. Had 11 days to complete/

What made you interested in investing in this type of deal?

These condos are selling for $95k-$103K and we just couldn't pass the deal

How did you find this deal and how did you negotiate it?

Listing agent did not want to deal with the sellers stuff in order to list it. Called knowing that I am an investor.

How did you finance this deal?

25% Down

How did you add value to the deal?

Did a complete remodel and did all the work myself

What was the outcome?

Rents for $900

Lessons learned? Challenges?

Do not be scared of a disaster of a house, I have the ability to do it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My usual team
Heather Stepp - Keller Williams
Anne Cato - Towne Bank
Gus Roberson - CAP Company (insurance)

@Keith Knuppel we have a property that has been in the wife’s family for 30 years. We rent memorial day to Labor Day minus a few weeks for personal use. We are at Sunset Beach, NC. Being a transplant from the Midwest I’ve learned that renting a beach house for a week is what N Carolinians do in the summer. We pay all our taxes, insurance, management fees, and upkeep. I have considered purchasing more because of the success it has.

@David Tillack I recommend still filing all the paper work for an eviction. This way when it is lifted you are able to take the tenant to court for the amount owed as well as removing them from the property. I also send my tenants a letter educating them that memorandum does not waive them from the money they will owe. They will be responsible for past rent due, as well as court fees outlined in your rental agreement, not to mention that this will affect their credit and ability to rent and purchase in the future, and potentially garnish their wages.

@Jeffrey Donis I use Gus Robeson in Greenville, NC we have 10 properties and he has been great.

I’m assuming I’ve looked those two houses as they were both listed as renting for $1425 in the grid (an unusual number) I actually looked at all 4 of the properties in that sellers portfolio. Those were scary homes to me and I have current rentals in Greenville as well as have flipped houses in other states. I have the knowledge and ability to do most projects myself. That is the problem with buying in the grid, fairly never vacant as tenants turn over and new ones in pretty quick. This doesn’t allow time to get the work done and owners let them get so bad. I felt that once the projects get started there will more issues found. The positive is that it’s student housing and expectations from renters aren’t high. 

@Troy Bailey 150k 120k and 135k for the duplex. All 3 went under contract less than 48 hours from listing with multiple offers. It’s a crazy market, lots of investors going sight unseen with asking if not more. We’ve put offers on at least 3 others and not had luck.